XRP Almost Sets New All-Time As Futures Open Interest Jumps To Record High Despite SEC Appeal Saga ⋆ ZyCrypto
The post XRP Almost Sets New All-Time As Futures Open Interest Jumps To Record High Despite SEC Appeal Saga ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     XRP, the crypto asset stewarded by blockchain payments firm Ripple, is chalking out its fastest ascent in seven years. XRP’s upsurge comes on the back of soaring open interest in derivatives markets amid the SEC’s latest filing to appeal a court ruling in its partially unsuccessful lawsuit against Ripple. Rising XRP Open Interest XRP’s price has been on a roll, climbing over 12.4% in the past day, 42.4% on the weekly chart, and an eye-popping 458% over the last quarter. The gains have helped XRP become the third-largest crypto by market cap after surpassing stablecoin issuer Tether. According to CoinGecko data, the payments-focused cryptocurrency today rose to as high as $3.38 — its highest level in seven years. XRP now has a 5.1% climb to match its all-time high mark of $3.84, registered back in January 2018. XRP’s upward trajectory is evidenced in the futures market for the world’s third-largest crypto, with open interest having spiked to record heights of $8.2 billion, CoinGlass data shows. Open Interest represents the total number of active futures or options contracts that are open and have not yet been settled or closed. High OI often reflects heightened trader activity and anticipation of significant future price actions. Advertisement   Bullish Sentiment Prevails XRP’s historic rally came even after the U.S. Securities and Exchange Commission submitted an appeal on Jan. 15, challenging a July 2023 ruling by District Judge Analisa Torres, which determined that XRP sales to retail investors did not break federal securities laws. In its brief to the U.S. Court of Appeals for the Second Circuit, the SEC asked the court to “vacate” the district court’s judgment. In other words, the agency wants retail XRP sales to be classified as securities. Despite the SEC’s highly controversial appeal, investors are still inspired…
Filed under: News - @ January 17, 2025 10:27 pm